Most Blame Oil Company Greed for Higher Gas Prices

Most Americans disapprove of President Obama’s policies on reigning in gasoline prices, but most blame profit-hungry oil companies for higher fuel costs, according to a Reuters/Ipsos online poll.

Sixty-eight percent disapprove and 24 percent approve of Obama’s strategy in response to gas prices – an increasingly prominent issue on the 2012 presidential campaign trial and one that could slow down the economic recovery.

Obama lately has touted an open-ended strategy or “all of the above” – which includes increased oil and gas development.

But the president has vigorously reiterated that the U.S. cannot drill itself out of foreign oil dependency and higher gas prices. Obama said improved fuel efficiency standards and ending $4 billion in subsidies to U.S. oil companies are two additional solutions.

Over the past month, U.S. fuel prices have increased about $0.30 per gallon to about $3.90. Republicans have been relentless in attacking Obama for his decision to block TransCanada Corp.’s Keystone XL Canada-to-Texas pipeline.

The most cited reason by voters across political lines for higher prices is oil company profit mongering.

Overall, 36 percent of respondents said greedy oil companies deserve the most blame for higher prices. Twenty-eight percent of Republicans said the same, as did 44 percent of Democrats and 32 percent of independents.

Twenty-six percent of all respondents said a range of factors was equally to blame, including oil companies, politicians, the foreign countries with the most oil reserves and environmentalists who seek to limit oil exploration and drilling.